A.
|
Sold merchandise for cash, $27,700. The cost of the goods sold was $14,681.
|
B.
|
Sold merchandise on account, $250,000. The cost of the merchandise sold was $132,500.
|
C.
|
Sold merchandise to customers who used MasterCard and VISA, $161,700. The cost of the merchandise sold was $85,701.
|
D.
|
Sold merchandise to customers who used American Express, $72,000. The cost of the merchandise sold was $38,160.
|
E.
|
Received an invoice from National Clearing House Credit Co. for $8,610, representing a service fee paid for processing MasterCard, VISA, and American Express sales.
|
CHART OF ACCOUNTS
|
|
General Ledger
|
|
ASSETS
|
110
|
Cash
|
120
|
Accounts Receivable
|
125
|
Notes Receivable
|
130
|
Inventory
|
131
|
Estimated Returns Inventory
|
140
|
Office Supplies
|
141
|
Store Supplies
|
142
|
Prepaid Insurance
|
180
|
Land
|
192
|
Store Equipment
|
193
|
Accumulated Depreciation-Store Equipment
|
194
|
Office Equipment
|
195
|
Accumulated Depreciation-Office Equipment
|
|
LIABILITIES
|
210
|
Accounts Payable
|
216
|
Salaries Payable
|
218
|
Sales Tax Payable
|
219
|
Customer Refunds Payable
|
220
|
Unearned Rent
|
221
|
Notes Payable
|
|
EQUITY
|
310
|
Common Stock
|
311
|
Retained Earnings
|
312
|
Dividends
|
|
|
REVENUE
|
410
|
Sales
|
610
|
Rent Revenue
|
|
EXPENSES
|
510
|
Cost of Goods Sold
|
521
|
Delivery Expense
|
522
|
Advertising Expense
|
524
|
Depreciation Expense-Store Equipment
|
525
|
Depreciation Expense-Office Equipment
|
526
|
Salaries Expense
|
531
|
Rent Expense
|
533
|
Insurance Expense
|
534
|
Store Supplies Expense
|
535
|
Office Supplies Expense
|
536
|
Credit Card Expense
|
539
|
Miscellaneous Expense
|
710
|
Interest Expense
|
|